Flutter Entertainment PLC $FLUT Shares Purchased by Legal & General Group Plc

Legal & General Group Plc increased its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 5.4% during the third quarter, Holdings Channel reports. The institutional investor owned 929,734 shares of the company’s stock after acquiring an additional 47,367 shares during the period. Legal & General Group Plc’s holdings in Flutter Entertainment were worth $236,627,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. JFS Wealth Advisors LLC purchased a new position in Flutter Entertainment in the third quarter valued at about $27,000. JCIC Asset Management Inc. purchased a new stake in shares of Flutter Entertainment during the 3rd quarter worth approximately $32,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Flutter Entertainment in the 3rd quarter worth approximately $34,000. ORG Partners LLC grew its holdings in shares of Flutter Entertainment by 43.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the company’s stock worth $36,000 after acquiring an additional 43 shares during the period. Finally, First Horizon Corp purchased a new position in Flutter Entertainment in the 3rd quarter valued at approximately $39,000.

Wall Street Analysts Forecast Growth

FLUT has been the subject of several research reports. Stifel Nicolaus reduced their price objective on Flutter Entertainment from $304.00 to $259.00 and set a “buy” rating for the company in a report on Friday, January 30th. Barclays dropped their price target on Flutter Entertainment from $304.00 to $225.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Morgan Stanley cut their price target on Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Benchmark decreased their price objective on shares of Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, February 27th. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $228.00 price objective (down from $248.00) on shares of Flutter Entertainment in a research note on Wednesday, January 14th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and a consensus target price of $234.65.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $105.64 on Friday. Flutter Entertainment PLC has a fifty-two week low of $99.96 and a fifty-two week high of $313.68. The company has a market capitalization of $18.52 billion, a price-to-earnings ratio of -58.69, a PEG ratio of 0.75 and a beta of 2.30. The stock has a fifty day moving average of $154.69 and a two-hundred day moving average of $212.34. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). The company had revenue of $4.74 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm’s revenue was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.94 earnings per share. On average, analysts anticipate that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its board has initiated a stock buyback program on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Flutter Entertainment

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.